Funds assigned to an Irrevocable Funeral Trust will be available to cover the cost of the funeral and burial expenses at the time of need.

The most common reason for assigning a life insurance policy to an Irrevocable Funeral Trust is to protect the funds if you ever go into a nursing home and need to apply for Medicaid.

The funds assigned to the Irrevocable Funeral Trust are not countable when determining eligibility for Medicaid.  The funds will be available to cover the cost of the funeral and burial expenses at the time of need.

Keep in mind that, since you transferred the funds to the trust to qualify for Medicaid, they will not be available for anything else.  The funds are protected for use only towards funeral and burial expenses.

Keep in mind that you can still choose obtain a final expense policy to cover future funeral and burial or cremation costs without assigning the funds to an Irrevocable Funeral Trust. You can always do that later if needed to determine eligibility for Medicaid.

Key aspects of our strategy

Protecting funds if you ever go into a nursing home and need to apply for Medicaid.

The funds assigned to the Irrevocable Funeral Trust are not countable when determining eligibility for Medicaid.

The funds will be available to cover the cost of the funeral and burial expenses at the time of need.

Surprising Facts at a Glance

Social Security Income

Percentage of an average wage earner’s income after retiring that is replaced by Social Security.

Will or Trust?

Percentage of survey respondents in the 53 to 71-year-old age group that have a will or living trust.

Long-Term Care

Percentage of people over 65 that can expect to use some form of long-term care.